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Citizens Community Bancorp Inc. (CZWI) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

SEC Filings

CZWI Quarterly Reports

Citizens Community Bancorp Inc.

CIK: 1367859 Ticker: CZWI

EXHIBIT 99.1
bancorp_logoa34.jpg
Citizens Community Bancorp, Inc. Reports Earnings Of $0.41 Per Share in 2Q22;
Net Interest Margin Expands to 3.46%
Originated Loans Up 6.0% From Prior Quarter

EAU CLAIRE, WI, July 25, 2022 - Citizens Community Bancorp, Inc. (the “Company”) (Nasdaq: CZWI),
the parent company of Citizens Community Federal N.A. (the “Bank” or “CCFBank”), today reported earnings of $4.4 million and earnings per diluted share of $0.41 for the quarter ended June 30, 2022, compared to $4.7 million and $0.45 per diluted share for the quarter ended March 31, 2022, and $4.7 million and $0.44 per diluted share for the quarter ended June 30, 2021, respectively. For the first six months of 2022, earnings were $9.1 million, or $0.86 per diluted share, compared to earnings of $10.2 million, or $0.94 per diluted share for the first six months of 2021.
The Company’s second quarter 2022 operating results reflected the following changes from the first quarter of 2022: (1) net interest income increased $1.1 million; (2) an increase in provision for loan losses of $0.4 million due to loan growth; (3) lower gain on sale of loans of $0.3 million; (4) a decrease in the MSR impairment reversals of $0.5 million as a result of no MSR impairment at March 31, 2022 or June 30, 2022; and (5) modestly higher compensation resulting from the annual merit increases effective in late March.
“We experienced strong annualized loan growth of 18% on a linked quarter basis and annualized loan growth through six months of 7%. At the end of the quarter, loan demand and pipeline activity showed some softening due to the effect of higher interest rates, inflation and supply chain delays on new construction projects, and our adjusted credit standards to prudently manage risk. Economic activity in our markets, however, remains strong with unemployment rates remaining below national averages and solid business activity across most industries. I am pleased by our work to closely manage expenses as evidenced by the efficiency ratio of 60% in the quarter,” said Stephen Bianchi, Chairman, President and Chief Executive Officer.
Book value per share was $15.64 at June 30, 2022, compared to $15.72 at March 31, 2022, and $15.33 at June 30, 2021. Tangible book value per share (non-GAAP)1 was $12.36 at June 30, 2022, compared to $12.40 at March 31, 2022, and $11.95 at June 30, 2021. The increase in unrealized losses in the available for sale portfolio lowered both book and tangible book value in the first and second quarters, with the amount of the unrealized loss moderating in the second quarter. Net income and CDI amortization partially offset this unrealized loss impact.









1




The following information was filed by Citizens Community Bancorp Inc. (CZWI) on Monday, July 25, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Citizens Community Bancorp Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Changes In Stockholders' Equity (Unaudited)
Consolidated Statement Of Changes In Stockholders' Equity (Unaudited) (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive (Loss) Income (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Capital Matters
Capital Matters (Details)
Capital Matters (Tables)
Deposits
Deposits (Tables)
Deposits - Deposits By Type (Details)
Deposits - Maturities Of Time Deposits (Details)
Deposits - Narrative (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Accounting
Fair Value Accounting (Tables)
Fair Value Accounting - Assets Measured On A Nonrecurring Basis (Details)
Fair Value Accounting - Assets Measured On A Recurring Basis (Details)
Fair Value Accounting - Carrying Amount And Estimated Fair Value (Details)
Fair Value Accounting - Level 3 Fair Value Inputs (Details)
Federal Home Loan Bank And Federal Reserve Bank Advances And Other Borrowings
Federal Home Loan Bank And Federal Reserve Bank Advances And Other Borrowings (Tables)
Federal Home Loan Bank And Federal Reserve Bank Advances And Other Borrowings - Narrative (Details)
Federal Home Loan Bank And Federal Reserve Bank Advances And Other Borrowings - Schedule Of Federal Home Loan Bank Advances (Details)
Investment Securities
Investment Securities (Tables)
Investment Securities - Available-For-Sale Securities (Details)
Investment Securities - Held-To-Maturity Securities (Details)
Investment Securities - Investment Category Of Available-For-Sale Securities (Details)
Investment Securities - Investment Category Of Held-To-Maturity Securities (Details)
Investment Securities - Maturity Of Available-For-Sale Securities (Details)
Investment Securities - Maturity Of Held-To-Maturity Securities (Details)
Investment Securities - Narrative (Details)
Leases
Leases (Tables)
Leases - Maturities Of Operating Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Operating Leases (Details)
Loans, Allowance For Loan Losses And Impaired Loans
Loans, Allowance For Loan Losses And Impaired Loans (Tables)
Loans, Allowance For Loan Losses And Impaired Loans - Accretable Expense (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Acquired Loans Outstanding Balance And The Carrying Amount (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Aging Analysis (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Changes In The All By Loan Type (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Impaired Loans (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Loans By Loan Segment (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Loans Receivable By Loan Type (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Narrative (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Non-Accretable Yield (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Originated And Acquired Loans By Type And Risk (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Tdr Loan Modifications (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Tdr Loans (Details)
Loans, Allowance For Loan Losses And Impaired Loans - Troubled Debt Restructurings (Details)
Mortgage Servicing Rights
Mortgage Servicing Rights (Tables)
Mortgage Servicing Rights - Narrative (Details)
Mortgage Servicing Rights - Servicing Asset At Amortized Cost (Details)
Nature Of Business And Summary Of Significant Accounting Policies
Nature Of Business And Summary Of Significant Accounting Policies (Details)
Nature Of Business And Summary Of Significant Accounting Policies (Policies)
Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss) (Tables)
Other Comprehensive Income (Loss) - Changes In The Accumulated Balances (Details)
Other Comprehensive Income (Loss) - Components Of Other Comprehensive Income (Loss) (Details)
Other Comprehensive Income (Loss) - Reclassifications Out Of Accumulated Other Comprehensive Income (Loss) (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - 2004 Stock Option And Incentive Plan And 2008 Equity Incentive Plan Information (Details)
Stock-Based Compensation - Common Stock Options Awards (Details)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Restricted Stock Award (Details)

Material Contracts, Statements, Certifications & more

Citizens Community Bancorp Inc. provided additional information to their SEC Filing as exhibits

Ticker: CZWI
CIK: 1367859
Form Type: 10-Q Quarterly Report
Accession Number: 0001367859-22-000119
Submitted to the SEC: Thu Aug 04 2022 4:37:53 PM EST
Accepted by the SEC: Thu Aug 04 2022
Period: Thursday, June 30, 2022
Industry: Savings Institution Federally Chartered

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